MULTI ASSET 2.0 Investing in ideas can improve the results of investors

MULTI ASSET 2.0 Investing in ideas can improve the results of investors March 2016 Clive Emery Product Director This presentation is for Professional Clients in Belgium only and is not for consumer use. Please do not redistribute. 1

Diversification benefit Invesco Global Targeted Returns Fund Investment proposition Investing in ideas Target return: 3-month EURIBOR plus 5% on a rolling, three-year annualised basis* Total independent risk Target volatility: Less than half global equity 2 volatility over a rolling, three-year period* Portfolio: Typically 20-30 individual investment ideas across asset classes 1 with a time horizon of two to three years Portfolio risk Investment philosophy: Unconstrained research combined with a robust risk based fund management process For illustrative purposes only. *Gross of fees. There is no guarantee this performance target or volatility target will be achieved. 1 26 ideas as at 31 January 2016. 2 MSCI World. 2

Invesco Global Targeted Returns Fund Current positioning 26 ideas Each idea is sized to deliver an estimated 25-50 bps contribution to return Credit - European Curve Flattener Currency - Chilean Peso vs Australian Dollar Currency - Japanese Yen vs Korean Won Currency - US Dollar vs Canadian Dollar Equity - European Divergence Equity - Global Equity - Selective Asia Exposure Equity - US Large Cap vs Small Cap Interest Rates - Australia vs Europe Interest Rates - Selective EM Debt Interest Rates - Sweden vs Europe Volatility - Asian Equities vs US Equities Volatility - Japanese Yen vs US Dollar Credit - Selective Credit Currency - Indian Rupee vs Chinese Renminbi Currency - Norwegian Krone vs UK Pound Currency - US Dollar vs Euro Equity - Germany Equity - Japan Equity - UK Equity - US Staples vs Discretionary Interest Rates - European Curve Steepener Interest Rates - Swap Spreads Interest Rates - UK Volatility - Australian Dollar vs US Dollar Volatility - UK Equity vs Rates 5 asset classes No one asset class should constitute more than 50% of total risk 15 regions Reduce risk of concentration to a particular country/region Source: Invesco. For illustrative purposes only. This information relates to the portfolio based on market conditions as at 31 January 2016, subject to change. There is no guarantee this target will be achieved. 3

% risk allocation Seeking additional drivers of return Complementing your holdings of stocks and bonds 100 Global balanced portfolio* Invesco Global Targeted Returns Equities and interest rates explain 90 80 70 60 50 40 77% of the risk in a Global Balanced Portfolio 21% of the risk in Invesco Global Targeted Returns 30 20 10 0 30 independent factors** help explain the risk in Invesco Global Targeted Returns Equity risk Interest rate risk Other risks Source: Invesco as at 31 December 2015. For illustrative purposes only. Subject to change. *Global balanced portfolio comprises of 60% global equities, 40% global bonds. Equity risk is represented by % volatility of MSCI World Index, interest rate risk represented by % volatility of 10 year US government bond, other risks, may include, but are not limited to currency risk, credit risk. **Factor analysis decomposes a portfolio into uncorrelated statistical factors using principal components analysis. This enables us to see how much the returns of a portfolio are driven by a small number of factors. An investment cannot be made directly in an index. Past performance is not a guide to future returns. 4

Our approach to multi asset investing Discard asset class labels, invest in ideas We believe that one way to achieve true diversification is to break away from the focus on asset class constraints which often distract from fundamental longer term thinking. Instead, we focus on good investment ideas. David Millar, Head of Multi Asset Team Step 1: Search for good investment ideas * Strength of the corporate sector Changing Central Bank policy Weakening Australian Economy Step 2: choose the right asset type to represent that idea Equities Government Bonds Corporate Bonds Real Estate Alpha Strategies Volatility Instruments Inflation Products Currencies Commodities Source: Invesco as at 31 January 2016. For illustrative purposes only. *Ideas shown are examples and subject to change. 5

Invesco A global platform committed to investment excellence Invesco believe the best investment insights come from specialised investment teams with discrete investment perspectives, operating under a disciplined philosophy & process framework with strong risk oversight. AUM US$775.6bn/ 526.2bn More than 750 investment professionals and more than 6,000 employees Invesco Asia- Pacific Invesco Canada Invesco Fixed Income Invesco Fundamental Equity Invesco Global Asset Allocation Invesco Global Core Equity Invesco Perpetual Invesco Powershares Invesco Private Capital Invesco Quantitative Strategies Invesco Real Estate Invesco Unit Investment Trusts WL Ross & Co. Corporate access Global product distribution Independent risk management Global operating platform Source: Invesco as at 31 December 2015. Not all of the Invesco brands listed are available in all countries, nor are they available on all platforms. Please consult your Invesco representative for more information on any of the brands mentioned. 6

Invesco Perpetual A world class centre of investment excellence Committed to high conviction, long term, non benchmark active investing across diverse range of asset classes. 117.4bn assets under management 66 Investment Professionals > 16yrs average experience > 8yrs average tenure at Invesco Heads of teams 28 years and 16 years respectively 9 Investment Teams Equities Asian, Emerging, Europe, Japanese, UK & US, Global Fixed Interest Multi Asset Based in Henley-on-Thames Away from the noise Funds managed by the Henley investment team Asset Weighted Performance to 31 January 2016 100 90 80 70 60 50 40 30 20 10 0 14% 16% 27% 5% 54% 41% 25% 18% 54% 23% 59% 28% 22% 12% 1% 1% YTD 1 year 3 years 5 years 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile The data relates to a past period and past returns are not a guarantee of future returns. Source: Invesco as at 31 December 2015. RHC source: Lipper and Morningstar 2015 as at 31 January 2016. Excludes fund-of-funds and passively managed products. May not sum due to rounding. 7

Investment Team Experienced core investment team Source: Invesco as at 31 December 2015. Years of experience subject to rounding. 8 A team of macro specialists solely focused on the Invesco Global Targeted Returns Fund Years of experience David Millar, FIA: Head of Multi Asset, Fund Manager 27 Dave Jubb, FIA: Fund Manager 33 Richard Batty, PhD: Fund Manager 21 Gwilym Satchell, PRM: Risk Manager 7 Georgina Taylor: Product Director 15 Clive Emery: Product Director 18 Danielle Singer, CFA: US-based Product Director 14 Saul Shaul: Fund Analyst 9 Steve Hawes: Research Analyst 5 Mike Marshall, CFA: Risk Analyst 9 Invesco: broad multi discipline support Investment expertise Invesco Ltd. s Chief Economist Monthly economic update 66 Henley-based investment professionals Monthly global equity meetings More than 750 Invesco investment professionals worldwide Global investor forum Invesco infrastructure Governance Dealing Operations Marketing support

Idea Global Equities Outlook may be muted but there is still global growth Consensus global GDP forecasts by year (% annual change) 5,0 Equity Invesco Earnings global Yield strategies vs MSCI World 115 4,5 110 4,0 105 3,5 100 3,0 95 2011 2012 2013 2,5 2014 2015 2016 10 11 12 13 14 15 16 Equally weighted basket of two Invesco global strategies MSCI World (TR Net) index 90 jan/15 apr/15 jul/15 okt/15 jan/16 Source: ASR, Bloomberg and Invesco, all data as at 31 December 2015. For illustrative purposes only. 9

Global safe income has declined Our Fixed Interest team expect search for yield continuing Market Size Dec 07 Size today Rate Dec 2007 Rate now US Deposits $6.7 trillion $10.7 trillion 4.38% 0.21% US Money Funds $3.1 trillion $2.7 trillion 3.24% 0.07% US Treasury Bills $0.5 trillion $1.0 trillion 3.19% 0.12% US Govt Bonds 1-5 yrs $1.2 trillion $3.9 trillion 3.16% 0.99% Eurozone Deposits $4.6 trillion $3.9 trillion 4.38% -0.18% Eurozone Govt Bonds 1-5 yrs $2.1 trillion $2.5 trillion 4.10% -0.02% UK Deposits $2.5 trillion* $2.3 trillion 5.70% 0.33% UK Govt Bonds 1-5 yrs $0.2 trillion $0.5 trillion 4.40% 0.89% Total Market $20.9 trillion $27.5 trillion Grown 32% Total Income $0.89 trillion $0.07 trillion Declined 92% More than $800bn fall in annual income from these assets since Dec 2007* Source: Government bonds and bills, Barclays, 31 Oct 2015. US Money Funds, ICI Factbook, 2015. US Deposits, Federal Deposit Insurance Corporation, 30 June 2015. UK Deposits, Bank of England, 30 September 2015. Eurozone Deposits, ECB, September 2013. Calculation of lost income assumes size unchanged (lost income = 2007 assets x (2007 rate rate now). *UK 2007 is based on British Banking Association data discontinued. $ = USD. 10

Idea Selective Credit Widening yields suggest some selective opportunities Source: Macrobond, BoAML as at 30 November 2015. 11

Central bank co-ordination turning competitive? Implication competitive devaluation. Is China the reluctant outlier? 120 110 100 90 80 70 60 2010 2011 2012 2013 2014 2015 EURUSD Currency JPYUSD Currency CNYUSD Currency FXJPEMCS Index Source: Bloomberg as at 11 January 2016. Rebased to 100 at 2 July 2010. 12

Yoy % Trade weighted index (100) Idea Japanese Yen vs Korean Won Competitive devaluation Korea has lost competitiveness 35 30 25 20 15 10 5 0-5 -10-15 Because of the strength of the Korean Won 120 110 100 90 80 70 Idea added to the fund -20 2011 2012 2013 2014 2015 Japan Export Growth South Korea Export Growth 60 2011 2012 2013 2014 2015 2016 Japanese Yen Korean Won Source: Invesco, Bloomberg as at 31 December 2015. For illustrative purposes only. 13

Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Volatility has been very low relative to history 2014 saw the most depressed levels 5 4 3 2 1 0-1 -2-3 Previous to 2014, the largest historical depression in volatility recorded was in 2007 as liquidity flooded markets and leverage ran rampant pre GFC Both average cross-asset implied and realized volatility hit an all time low in the summer of 2014, and the recent "bounce" has just taken us back to long-term normal levels Average Z-Score of Equity, Rates, FX, Credit and Commodity Realized Volatility Average Z-Score of Equity, Rates, FX and Commodity Implied Volatility Source: BofA Merrill Lynch Global Research. Implied volatility data from: 5-Jan-90 for Equity (VIX Index) and Rates (MOVE Index); 1-Jan-99 for FX (avg. 3m implied vol on EUR/USD, USD/JPY, USD/CHF); 4-May-07 for Commodity (Merrill Lynch Commodity 3 month volatility Index). 6M realized volatility data from: 3-Jan-95 for FX (EUR/USD, USD/JPY), Equity (S&P500) and Rates (10 Year US Swap Rate); 1-Jul-97 for Credit (US High Grade Corporate, US HY Corporate); 6-Jul-00 for Commodity (DJ UBS). All data through 8-Jan-16. 14

sep/05 sep/06 sep/07 sep/08 sep/09 sep/10 sep/11 sep/12 sep/13 sep/14 sep/15 feb 10 jun 10 okt 10 feb 11 jun 11 okt 11 feb 12 jun 12 okt 12 feb 13 jun 13 okt 13 feb 14 jun 14 okt 14 feb 15 jun 15 okt 15 Idea Asian equity volatility vs US equity volatility Expect higher levels to persist Hang Seng index implied volatility is low versus history 90 80 70 60 50 40 30 20 Spread between HSI & S&P500 1y Implied Volatility 10 8 6 4 2 0-2 -4 10 0 HSI Volatility index -6-8 Source: Bloomberg as at 6 January 2016. 15

Investing in ideas A repeatable, three-step process 2015 1 Research Thematic T Economic E Approving ideas Analytic A Managers M 53 ideas researched 2 Fund management Risk Scenarios Structure Liquidity Combining ideas 32 ideas approved 3 Implementation Order Comply Execute Review Implementing ideas 14 ideas implemented For illustrative purposes only. 16

Combining ideas Achieving diversification A portfolio designed to target equity-like returns for less than half the risk of global equities over a rolling, threeyear period 1 Volatility - UK Equity vs Rates 16 Total independent Volatility - Japanese Yen vs US Dollar risk 14.60%³ Volatility - Australian Dollar vs US Dollar 14 12 10 8 6 4 2 0 Independent risk³ Diversification benefit 50% of global equity risk 4 Total portfolio risk 4.20%² Portfolio risk² Volatility - Asian Equities vs US Equities Interest Rates - UK Interest Rates - Sweden vs Europe Interest Rates - Swap Spreads Interest Rates - Selective EM Debt Interest Rates - European Curve Steepener Interest Rates - Australia vs Europe Equity - US Staples vs Discretionary Equity - US Large Cap vs Small Cap Equity - Japan Equity - Germany Currency - US Dollar vs Euro Currency - US Dollar vs Canadian Dollar Currency - Norwegian Krone vs UK Pound Currency - Japanese Yen vs Korean Won Currency - Indian Rupee vs Chinese Renminbi Currency - Chilean Peso vs Australian Dollar Credit - European Curve Flattener Credit - Selective Credit Equity - UK Equity - Selective Asia Exposure Equity - Global Equity - European Divergence Source: Invesco as at 31 January 2016. 1 There is no guarantee this target will be achieved. For illustrative purposes only. 2 Portfolio risk the expected volatility of the fund as measured by the standard deviation of the current portfolio of ideas over the last three and a half years. 3 Independent risk the expected volatility of an individual idea as measured by its standard deviation over the last three and a half years. 4 Global equity risk is the expected volatility of the MSCI World index as measured by its standard deviation over the last three and a half years, 12.45% on 31 January 2016. 17

Simulation count Combining ideas Scenario analysis focus on not getting it wrong Scenario UK Macro Meltdown Emerging Markets Dead Stop Characteristics GBP trade-weighted index -15%, UK 10yr yield -75bps, UK 2 year yield +50bps EM currency index falls 13%, South African 10yr bond yields rise to 15% US Policy Positive S&P 500 to 2300, US dollar index up (+25%) Oil Spill Brent to US$100, Oil stocks outperform (+20%), LatAm FX strengthens (+20%) Recession 2016 Euro Exit S&P 500 falls (-50%), US 2yr yield +200bps, US 10yr yield -100bps, Investment grade bond spreads widen (+150bps) Spanish 10 yr yields +500bps, European bank volatility doubles, EUR weakens (-15%) Cash is King S&P 500 falls to 1000, yield on US 10yr Treasuries to 5% Japan s Third Arrow JPY weakens (-20%), Nikkei rises (+30%) Distribution of potential fund returns for a given scenario 1 200 150 100 50 0 Bin -7.50% -6.75% -6.00% -5.25% -4.50% -3.75% -3.00% -2.25% -1.50% -0.75% 0.00% 0.75% 1.50% 2.25% 3.00% Fund returns 1 Green line indicates probability-weighted best estimate, red line indicates worst case using lower quartile outcomes. For illustrative purposes only. Source: Invesco as at 31 January 2016. 18

Our approach to risk Fund managers are also risk managers Idea Risk Return Risk management is embedded in: 1. The targets of the fund 2. The concept of Investing in Ideas 3. Our fund management process 4. Our forward looking scenario analysis 5. Crash protection in some ideas 6. Two risk managers 7. Three fund managers 8. Invesco s independent risk function For illustrative purposes only. 19

Invesco Global Targeted Returns Fund Performance (%) Returns 3 months 6 months 1 year Since inception 1 2014 2015 (Cum.) (Ann.) (Calendar year) (Calendar year) Portfolio gross returns 2-0.25 1.01-1.70 12.84 5.87 9.62 2.28 3-month Euribor -0.03-0.04-0.04 0.19 0.09 0.21-0.02 Out/under performance -0.22 +1.05-1.66 +12.65 +5.78 +9.41 +2.30 Portfolio net returns 3-0.59 0.36-2.90 9.88 4.55 8.25 1.04 3-month Euribor -0.03-0.04-0.04 0.19 0.09 0.21-0.02 Out/under performance -0.56 +0.40-2.86 +9.69 +4.46 +8.04 +1.06 Realised volatility 4 3.76 3.97 3.38 4.01 Realised volatility of global equities 4 14.53 12.64 10.73 13.23 Realised volatility as a percentage of equity volatility 25.86% 31.43% 31.49% 30.30% Past performance is not a guide to future returns. Source: Invesco Perpetual as at 31 January 2016. 1 Inception date 18 December 2013. 2 Performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and gross of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Bloomberg, total return, in euro. 3 Fund (A Accumulation share class) performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and net of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark source: Invesco Perpetual, total return, in euro. 4 Standard deviation of weekly returns. Global equities represented by MSCI World Index. 20

Invesco Global Targeted Returns Fund Gross performance versus equities (since inception) 125 120 115 110 105 100 95 dec 13 mrt 14 jun 14 sep 14 dec 14 mrt 15 jun 15 sep 15 dec 15 Invesco Global Targeted Returns Fund MSCI World index Past performance is not a guide to future returns. Source: Invesco and Bloomberg as at 31 January 2016. MSCI World, in euros, total return. Inception date 18 December 2013. Fund performance figures are shown in euro on a mid-to-mid basis, inclusive of net reinvested income and gross of ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. 21

Average Return (Annualized) A closing thought.. What is a reasonable investment return? Is experience skewed by the 80s & 90s? Risk and return of a 60% US stocks / 40% US bonds portfolio over time 18% 16% 14% 1990's 1980's 12% 1950's 10% Last 10 years 8% 1940's 6% 1960's 1970's 4% 2000's 2% 2% 4% 6% 8% 10% 12% 14% Standard deviation Past performance is not a guide to future returns. Source: Ibbotson. Period represented: 1940 2015, as at 30 September 2015. Stocks are represented by S&P 500 Index, bonds are represented by Ibbotson U.S. Long-Term Government Bond Index. 22

Important information This marketing document is for Professional Clients in Belgium only and is not for consumer use. Data as at 31.01.2016, unless otherwise stated. Please do not redistribute. The value of investments and any income will fluctuate (this may partly be the result of exchange-rate fluctuations) and investors may not get back the full amount invested. Where Invesco has expressed views and opinions, these may change. The information provided on the investments and investment strategy (including current investment themes, the research and investment process, and portfolio characteristics, weightings, and allocation) represents the views of the fund managers at the time this material was completed, and is subject to change without notice. Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchase, hold or sell. This document should not be construed as investment advice. Past performance is not a guide to future returns. The fund may hold debt instruments which are exposed to credit risk which is the ability of the borrower to repay the interest and capital on the redemption date.. The fund will invest in derivatives (complex instruments) which will be significantly leveraged resulting in large fluctuations in the value of the fund. The fund may hold debt instruments which are of lower credit quality and may result in large fluctuations of the value of the fund. The attribution and contribution figures are estimates and should be used for indicative purposes only. Data cleansing and retrospective information availability may cause changes. The distribution and the offering of the fund or its share classes in certain jurisdictions may be restricted by law. Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions. This is not investment advice and does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of their nationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. The fund is available only in jurisdictions where its promotion and sale is permitted. Please refer to the most up to date relevant fund and share classspecific Key Investor Information Document for more information on our funds. Further information on our products is available using the contact details shown. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. This marketing document is not an invitation to subscribe for shares in the fund and is by way of information only, it should not be considered financial advice. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. As with all investments, there are associated risks. This document is not financial advice and is by way of information only. Asset management services are provided by Invesco in accordance with appropriate local legislation and regulations. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nor do they necessarily suit every investor. There may be differences in fee structures, in minimum investment amounts, etc. Please check the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your local Invesco office for full details of the fund registration status in your jurisdiction. Please be advised that the information provided in this document is referring to Class A (accumulation- EUR) exclusively. Issued in Belgium by Invesco Asset Management S.A. Belgian Branch (France) situé Avenue Louise 235-1050 Bruxelles, Belgique. 23